The Federal Government has selected 185 startup founders from across the country for the inaugural cohort of the Founders Lab under the $617 million Investment in Digital and Creative Enterprises (iDICE) programme.
The founders emerged from a highly competitive process that attracted more than 7,000 applications from Nigeria’s six geopolitical zones, with 500 applicants initially shortlisted before the final selection was made.
Under the initiative, the successful entrepreneurs will undergo a 12-week incubation programme designed to strengthen their businesses through mentorship, operational support, business development and investment readiness training.
Participants who successfully complete the programme will be eligible for non-equity grants of up to ₦10 million to support the development and expansion of their ventures.
The iDICE programme, launched in 2023, is jointly financed by the African Development Bank (AfDB), Agence Française de Développement (AFD) and the Islamic Development Bank (IsDB), while the Bank of Industry serves as the executing agency and one of the financiers.
Speaking on the initiative, Vice President Kashim Shettima, who chairs the programme’s Steering Committee, said the government was investing in sectors that would shape Nigeria’s future economy by unlocking the digital and creative potential of young Nigerians.
National Coordinator of the programme, Ife Adebayo, expressed optimism that the selected founders would develop globally competitive businesses capable of driving innovation, job creation and economic diversification.
Beyond startup financing, the iDICE programme aims to establish 66 innovation hubs and centres of excellence nationwide and train up to 300,000 young Nigerians in digital and creative skills as part of efforts to strengthen the country’s innovation ecosystem.
